Starting a business is both exciting and terrifying. If you’re giving up the security of a regular paycheck, it can be nerve-racking.
Not only will you be investing your savings into the venture, but also jeopardising your family’s livelihood.
It is normal to experience trepidation before taking any major step in life, starting a business venture included.
However, you must not let fear hold you back from realising your dreams. No great achievement has ever been attained without overcoming the fear of the unknown.
With that in mind, here are a few tips to help you conquer the fear of starting a new business:
Don’t forget your why
While the ultimate goal of any business is to make money, this can only take your business so far. To be truly successful, you must have a deeper reason for starting a business. Is it to provide a product to a community that needs it? Is it to bring some innovation to life? Is it to improve service delivery in a given sector?
Having clearly defined goals (why) will strengthen your resolve when it falters. The reason you started the venture will keep you going despite the fears.
To keep your why in sight, write down a list of reasons why you want to start your business. Try to visualise how it would feel to achieve each one of your goals.
Confront your fears directly
To conquer fear, you have to know exactly what the fear is all about. Ask yourself: What scares me so much about starting a business?
Is it the uncertainty? Are you scared of failure? Are you afraid of risking your family’s livelihood? Are you overthinking the criticism? Are you stuck in analysis paralysis?
Write down your fears and analyse where they come from. You might discover that some of them are unfounded. Come up with solutions to mitigate the negative outcomes you are scared of.
For instance, if you’re scared of losing your income, you can start your business as a side hustle. Alternatively, you can save up for up to 12 months of expenses before you start your business. Having substantial savings will reduce your fear as you focus on growing your business.
Do your homework
One of the most powerful ways to allay your fears is by doing all your homework before launching your business. Don’t fall in love with an idea and act on it without adequate research and due diligence – that’s a recipe for disaster.
Well-done market research will show you which gap you’re filling in the market, how to best advertise your products, the kind of investment you have to make and the profits to expect.
While there will be plenty to learn on the job, market research helps you anticipate most of the major factors that will affect your business.
Take baby steps to success
Starting a business is no mean feat – that’s why it can be so intimidating. But as the adage goes, the journey of a thousand miles starts with a single step.
You will not have to get everything done all at once. Break down your big goals into smaller ones. You can tackle each day, week or month at a time.
In other news – Bad news for Zuma’s fans
Amapiano star, Zuma who is a member of Amaroto music group announced that he won’t be available for confirmed gigs in Cape Town.
In an official statement shared on the singer’s official Instagram account, the company apologized for the inconvenience caused to promoters and fans who have paid for his appearance. Learn more